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Stonebridge Corp., a company chaired by the wife of Far Eastern University chairman emeritus Aurelio Montinola III, acquired a 9-percent stake in Roxas and Company Inc. , one of the top-performing stocks in the market.
The acquisition price is a steep 38.2-percent discount to RCI’s closing price on Friday of P3.24. Shares of RLI recently hit a 52-week high of P4. RCI said it secured ownership rights over a huge track of land in Batangas in February, after it ended a four-decade long land dispute with agrarian reform beneficiaries over its three haciendas – Palico, Banilad and Calaway.
The board of RCI approved the continuous sale of treasury shares in 2014 as a fund-raising initiative for working-capital and expansion projects.
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